Beware of Deepfake Phishing Scams: Protect Yourself from the Latest Cyber Threat

Deepfake Phishing is rapidly emerging as one of the most dangerous threats in the world of cybersecurity.  As technology advances, so do the tactics of cybercriminals, who are now using sophisticated Deepfake Scams to deceive individuals and organizations alike. In 2024, the stakes are higher than ever, with phishing attacks becoming increasingly difficult to detect. Understanding the dangers of Deepfake Scams in 2024 is essential for anyone looking to protect themselves from these evolving threats.

Introduction

One fine morning, you wake up to a notification on your mobile from your employer. It states that you are eligible for a tour to your favorite destinations around the world, with all travel and accommodation expenses covered for your family of four. Excited, you notice that there’s a Google form that needs to be filled out to confirm your registration. The form asks for bank details, employer information, and personal details like passport and Aadhaar numbers.
You might think, “Is this real?” To be sure, you ask your colleagues if they received the same notification. They confirm they did, so you fill out the form and submit it.

The Suspicious Call That Follows

Shortly after, you receive a call from an unknown number claiming to be from your company. The caller asks for your employee ID and verifies the details you filled in the form. They mention that you’ll be contacted by a representative from the tour company for further details. The call ends, and soon after, another call comes in from a verified ID on Truecaller, claiming to be from “XYZ Tours.”

The caller asks you to confirm your name and employee ID, then requests an initial deposit, assuring you it will be reimbursed through your salary. Everything appears legitimate—the professional tone, the verified Caller ID, the Google form, and even the payment ID that matches “XYZ Tours.” Nothing seems suspicious from your point of view.

The Realization of a Scam

Days pass, and you hear nothing more about the tour. You soon realize that it was a phishing attack targeting your company. When you ask around, you find out that many colleagues also paid the initial deposit. Since the amount wasn’t significant, most people are reluctant to take action, fearing the impact it might have on the company’s reputation. A company with 500 employees got caught in this sophisticated phishing scam, which may never come to light to avoid damaging the company’s image.

How Did This Happen? The Role of Deepfake Technology in Phishing

You might wonder, “How is this possible? How could this happen?” The answer lies in the use of basic AI tools and deepfake methods. Cybercriminals can easily create a fake website that mimics your company’s legitimate site, spoof email headers using homograph attacks (e.g., replacing ‘O’ with ‘0’, ‘l’ with ‘I’), and even generate deepfake voices that sound like your customer support team.

Deepfake Scams: Not Just for Corporates Anymore

You may think, “But I’m not an employee, why should I care?” These scams no longer target just corporate employees; they can happen to anyone. Consider a recent incident in southern India where an individual received a call from an unknown ID with a fake police officer’s voice. The caller claimed to have received a package addressed to the individual containing illegal items. Shocked, the person tried to deny any involvement, but the fake officer demanded a bribe to avoid legal trouble. When the person hesitated, the fake officer threatened to report it to the local police, leaving the victim with no choice but to comply.

Recently, a shocking survey by McAfee revealed that 1 out of every 4 people in India has encountered deepfake content. The survey, which can be read here, found that “Of the people who encountered or were victims of a deepfake scam, 57 percent mistook a celebrity deepfake for real, with 31 percent losing money to scams. 40 percent had their voice cloned to trick someone, and 39 percent received calls that sounded like they were from friends or family. Additionally, 37 percent had their likeness used in explicit content, and 22 percent believed political candidate deepfakes to be real at first.”

The rise of Deepfake Scams means that everyone, not just corporate employees, needs to be aware of these threats. Phishing Scams 2024 are likely to become more sophisticated and widespread. This situation highlights the growing danger of deepfake scams in India, underscoring the urgent need for greater awareness and education on these threats. It is crucial that these scams are addressed and discussed publicly to protect people from becoming victims.

Deepfake Methodology

As mentioned earlier, deepfake is a combination of the words “deep” and “fake.” The word “deep” comes from deep learning, a rapidly evolving field of Artificial Intelligence that learns from large datasets to create fake content that manipulates people into believing it is real.

Deepfakes

A deepfake is a human impersonation created with advanced technologies, including artificial intelligence and deep learning. It can be a fake picture, an audio file, or a filter that imitates someone’s speech or appearance using machine learning (ML). There are also newly emerging technologies such as autoencoders, synthetic adversarial systems, and Generative Adversarial Networks (GANs), which incorporate advanced machine learning and deep learning techniques to create exact deepfake copies so that no one can see the difference between real and fake.

Audio Deepfakes

• AI-generated voice recordings that mimic the speech patterns, tone, and accent of a specific person.
• Often used in voice phishing (vishing) scams, where attackers impersonate a trusted figure, such as a CEO or a relative, to deceive victims.

Video Deepfakes

• AI-generated videos where the face and sometimes the voice of a person are swapped or altered to create a realistic video of someone saying or doing something they never actually did.
• These can be used for political manipulation, character assassination, or spreading false information.

Image Deepfakes

• AI-generated images that manipulate or completely fabricate a person’s likeness, often used in fake IDs, passports, or other forms of identification.
• Can be used to create misleading or damaging content, such as fake news or defamatory images.

Textual Deepfakes

• AI-generated speech created from written text, designed to sound like a specific individual.
• Can be used in automated calls, virtual assistants, or any scenario where an attacker wants to impersonate someone without needing an actual audio recording.

Synthetic Media Deepfakes

• Content created by AI that blends multiple forms of media, such as combining real video footage with AI-generated audio or creating entirely new content that never existed in reality.
• Used in propaganda, misinformation campaigns, or to create entirely fictitious events.

Understanding Deepfake Phishing Scams

One of the most famous deepfake phishing methods is email or message phishing, which causes billions of dollars in losses for many businesses. Business email compromise (BEC) attacks, also known as CEO fraud, are particularly dangerous because deepfakes can make them more convincing. Attackers can create fake business profiles on platforms like LinkedIn or Glassdoor, posing as recruiters to lure employees into losing money.

Types of Deepfakes Scams

Business Email Compromise (BEC) with Deepfake Voices

Business Email Compromise (BEC) is a type of cyberattack where attackers impersonate a company’s executives or trusted individuals to trick employees into transferring money or sensitive information. When combined with deepfake voice technology, attackers can create convincing audio clips that mimic the voice of a CEO, CFO, or other high-level executives.
How It Works:

• Attackers might first gain access to a company’s email system or gather enough publicly available information about a target.
• Using AI tools, they generate a deepfake audio clip that sounds exactly like a company executive.
• This audio can be used in phone calls or voice messages, instructing employees to wire money, change account details, or provide confidential information.
• The realistic nature of the deepfake voice makes it extremely difficult for employees to detect the fraud.

For Example, An employee receives a phone call from someone who sounds exactly like their CEO, instructing them to transfer a large sum of money to a “new business partner.” Trusting the voice, the employee complies, leading to significant financial loss for the company.

Deepfake Video Impersonation for Fraud

Deepfake video impersonation involves creating a fake video of a person, typically someone in a position of trust or authority, saying or doing something they never actually did. These videos are then used to deceive others into believing false information or to carry out fraud.
How It Works:

• Attackers create a deepfake video of a CEO, government official, or any trusted figure delivering a message, such as authorizing a financial transaction, endorsing a scam, or giving instructions that lead to fraud.
• The video is then distributed through email, social media, or other communication channels to convince victims to take action that benefits the attacker.

For Example, A fake video of a company’s CEO instructs the finance department to transfer funds to an account for an “urgent business deal.” Believing the video to be real, the department follows through, only to realize later that the video was a deepfake.

Identity Theft Using Deepfake Images

Deepfake images involve creating realistic photos of individuals that can be used to forge identity documents or create fake online profiles. These images are typically generated using AI tools that can combine and manipulate various facial features to produce a realistic yet entirely fake image.

How It Works:

• Attackers create deepfake images that look like real people, which can then be used to create fake IDs, passports, driver’s licenses, or social media profiles.
• These fake identities can be used to commit fraud, apply for loans, open bank accounts, or even impersonate someone online to gain trust and commit further crimes.

For Example, An attacker uses a deepfake image to create a fake passport and opens a bank account under a false identity. They then use this account to launder money or commit other financial crimes, making it difficult for authorities to track the real culprit.

Financial Scams Exploiting Deepfake Technology

Financial scams leveraging deepfake technology involve using AI-generated content to deceive individuals or organizations into transferring money, making investments, or revealing sensitive financial information.
How It Works:

• Deepfake videos, voices, or images are used to create convincing scenarios that trick victims into believing they are dealing with legitimate entities or individuals.
• The deepfake content might be used to simulate a trusted financial advisor, a legitimate investment opportunity, or a government official demanding payment.

For Example, An individual receives a video call from someone who looks and sounds like their financial advisor, recommending a lucrative investment opportunity. The person is convinced and transfers funds, only to discover later that the call was a deepfake and the investment a scam.

 

How to Protect Yourself from Deepfake Scams in 2024

Verify the Source Before Taking Action

• Always double-check the authenticity of any communication that requests personal or financial information. Contact the company or individual directly through known, official channels.
• Avoid clicking on links or opening attachments from unsolicited emails or messages, especially if they ask for sensitive information.

Be Cautious of Unexpected Requests

• Be skeptical of any unexpected request for money or sensitive information, especially if the request comes with urgency or threats.
• If you receive a request that seems unusual, confirm it through a separate communication method (e.g., a phone call to a known number).

Use Multi-Factor Authentication (MFA)

• Enable MFA on your accounts wherever possible. This adds an extra layer of security by requiring two or more verification factors, making it harder for attackers to gain access.

Educate Yourself and Your Team

• Regularly educate yourself, your family, and your colleagues about the latest scams and deepfake tactics. Awareness is key to recognizing and preventing fraud.
• Attend cybersecurity training sessions that cover topics like phishing, deepfakes, and social engineering.

Check for Anomalies in Communication

• Be on the lookout for inconsistencies in voice, video, or written communication that may indicate deepfake usage. This could include unnatural facial movements, audio glitches, or slight differences in writing style.
• Use tools and services that detect deepfake content, especially if you are dealing with high-stakes communication.

Limit Sharing of Personal Information

• Be mindful of the personal information you share online, especially on social media. Scammers can use publicly available details to create more convincing deepfakes.
• Regularly review and update your privacy settings on social media and other platforms to limit exposure.

Use Secure Communication Channels

• Whenever possible, use encrypted communication channels to exchange sensitive information. This reduces the risk of your communications being intercepted or altered.
• Avoid using public Wi-Fi networks for accessing or transmitting sensitive data.

Monitor Financial Accounts Regularly

• Regularly check your bank and credit card statements for unauthorized transactions. Report any suspicious activity immediately.
• Consider setting up alerts for transactions over a certain amount to catch potential fraud early.

Report Suspected Scams Immediately

• If you suspect that you have been targeted by a deepfake scam, report it immediately to your local authorities or use platforms like the National Cyber Crime Reporting Portal.
• Prompt reporting can help authorities track and prevent further fraudulent activities.

Regularly Back Up Important Data

• Regularly back up your important files and data to an external hard drive or cloud service. This protects you in case of ransomware attacks or data breaches.
• Make sure your backups are encrypted and stored securely.

Verify Callers Before Sharing Information

• If someone calls claiming to be from a trusted organization (like your bank or employer) and asks for sensitive information, hang up and call the organization back using a verified phone number.
• Be cautious of unsolicited calls asking for personal information, even if the caller ID appears legitimate.

Be Mindful of Phishing Emails

• Be cautious when receiving unexpected emails, especially those that ask for personal information or prompt you to click on links or download attachments. Phishing emails often appear to be from legitimate sources but are designed to steal your information.
• Look for telltale signs of phishing, such as poor grammar, urgent requests, or mismatched URLs.

Conclusion

Deepfake technology, while innovative, poses a significant threat in the hands of cybercriminals. Scams leveraging deepfakes are becoming increasingly sophisticated and can affect anyone, from corporate employees to ordinary citizens. By staying informed, practicing good cybersecurity hygiene, and being vigilant about the communications we receive, we can protect ourselves and our loved ones from falling victim to these malicious schemes. Remember, the best defense against these threats is awareness and proactive action.

Share this information with others to help spread awareness and prevent future scams.

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